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Erdoğan: Istanbul will be a financial center for Turkey as it was historically

Posted by data-entries on May 11, 2023
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Turkish President Recep Tayyip Erdoğan confirmed that Istanbul will be a financial center for Turkey, as it has played this role throughout history.

This was in a speech he delivered on Monday, April 17, during his participation in the opening ceremony of the “Istanbul Financial Center” in the Asian part of the city.

Erdoğan made it clear that Istanbul Financial Center will support Turkey’s economy as local and foreign institutions begin their activities.

He added that the center will form a new integrated system in Istanbul, which is the meeting point of the three continents.

And he continued: “Istanbul Financial Center is a strategic, visionary project, and its true value will be evident in the coming years.”

Erdoğan expressed his happiness with launching the first stage of the Istanbul Financial Center indicating that this center will raise Turkey to a higher level in the field of financing.

Erdoğan explained that the center of gravity of global finance is descending more and more from the West towards the East, pointing out in this context the geographical importance of Turkey, which is a passageway between the European and Asian continents.

He also added: “I believe that Istanbul, which throughout history has served as a geographical and commercial bridge between the East and the West, has the ability to establish the same link between the financial markets today.”

Erdoğan noted that the Istanbul Financial Center will make serious contributions to the country’s economy on a large scale with the start of local and foreign financial institutions operating in the region.

He pointed out that the Istanbul Financial Center is a visionary project developed to strengthen Turkey’s position in the global economy and make the country a regional financial center and in the future a global financial center.

He stated that the total cost of establishing the center amounted to 65 billion Turkish liras (one dollar is equivalent to 19.35 Turkish liras).

And continued: “This center has become a model project with its environmental friendly features and matching to the specifications of the Zero Waste project.”

He spoke: “The Istanbul Financial Center will also increase the potential for attracting investments by facilitating the flow of international capital to Turkey.”

Source: Anadolu Agency.

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#Turkey

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